On October 24, 2012, Volvo Group, the world's second-largest truck manufacturer, announced the third quarter earnings announcement. According to the announcement, Volvo Truck's operating profit fell sharply to 2.9 billion Swedish kronor (about 434 million U.S. dollars) in the third quarter, down 50% from 5.8 billion kronor in the same period of last year. This figure is well below the average of 4.5 billion EK estimated by analysts surveyed by Reuters.
The company said that the profit fell more than expected in the third quarter, involving a one-time increase in costs and lower plant output. The heavy truck business restructured and paid a one-time fee of 1.06 billion kronor, including the adjustment of the insurance reserve, all impacting on the profit.
The Volvo Group stated that it is expected that the heavy truck market will perform equally in the next year.
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